TSR Inc. (NASDAQ: TSRI) acquired Geneva Consulting Group Inc., an IT staffing firm based in Port Washington, New York.
“Geneva has been a well-respected, top-tier firm in the staffing industry since 1997 and we look forward to welcoming their highly skilled team to our family,” CEO Thomas Salerno said.
The deal called for TSR to pay $1.45 million in cash at closing plus $750,000, which is equal to the amount of Geneva’s loan under the Paycheck Protection Program. In addition, TSR agreed to pay up to $300,000 in earnout payments in February and August 2021 based on performance. It may also pay bonus payments in $10,000 increments based on performance as well.
TSR is an IT staffing firm based in Hauppauge, New York.